North America Insurtech Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Insurtech Market Analysis
North America Insurtech Market has generated a revenue of USD 4 billion in the current year and is expected to register a CAGR of 8% for the forecast period. Insurtech is likely to play a vital, ongoing role in bringing digital innovation to the insurance sector overall. The adoption of digital is impacting the insurance industry, with consumers preferring online channels for fulfilling their insurance needs. With digital brokerage and insurance marketplaces for clients, Insurtech businesses are working on reducing the gaps between customers and insurance providers. Because of the oversaturation of the insurance market and fierce competition among insurers, they have been pushed to incorporate digital technologies that focus on the client interface. The flexibility and customization of various insurance products such as health, property, life insurance, and others encourage people to choose among the best plans. It's been growing in the North American region at the fastest pace. However, there is still scope for growth.
Insurance companies are encouraged by the carriers choosing to stay the course with their insurance providers and even speed things up. Insurance Industry has made well pedestrians in the Health, Motor, and other Insurance; also, other segments, including property and crop insurance, have scope for more penetration. However, while carriers are committed to the innovative projects and insurtech partners, they're already involved with; they are less likely to take risks on new, unknown insurtech companies.
For new B2B insurtechs trying to build relationships and get a foot in the door with potential customers, it's likely to be a highly challenging business environment and an unbalanced market in the near term. As the Insurtech landscape evolved, many players seemed to be pushing the limits of product innovation, offering newer value-added services, and expanding rapidly to build large eco-system plays.
COVID-19 had negatively impacted the insurtech industry across North America, the insurance industry, the technology platforms, and other industries. But, there was a rise in touchless experiences to increase safety. This coronavirus pandemic prompted a significant increase in the prioritization of technology initiatives, leading to an urgency around deploying digital solutions at insurers in North American countries.
North America Insurtech Market Trends
Increasing Number of Smart Phone Subscribers in United States Witnessing Growth in North America Digitized Insurance Trend
The smartphone market in the United States is one of the world's largest, with more than 302 million smartphone users. In line with the overall growth of the smartphone market across North America, the smartphone penetration rate in the United States has continuously risen over the past 10 to 15 years to more than 80%. Thus, the growth in the number of Smart Phone Users in the United States is one of the biggest key drivers of the transformation of Physical Insurance Policy Activities to the InsurTech, which is more easy, safe, and less time-consuming in nature for clients without any intermediaries or agent fee, thus yielding North America InsurTech Trend growing upwards.
North America Signifying Maximum Insurtech Funding Transaction
Private capital continued to flood the Insurance Industry in 2021, driving total investments in insurtechs to new heights across all insurance types, investment stages, and regions. To meet the demands of customers seeking smarter and more efficient products and services and to compete more effectively with insuretechs many insurance incumbents are fast tracking next generation operating models that combine the best of human and technological capabilities.North america is Witnessing the maximum share of insurtech funding transaction throughout the Globe. Over fifty percent of funding transaction in Insurtech is funded from North American Countries signifying that the increasing demand for end-to-end digital financial solutions is propelling the regional market growth and also this is expected to gro further till theforecast period.
North America Insurtech Industry Overview
The North America Insurtech Market is highly competitive and fragmented as various international and regional vendors provide new technology to various end-use industries to expand the market. The key players are emerging to improve their products and delivery through manufacturing techniques and enhancing their products to have a competitive edge over others. Furthermore, the companies are involved in acquisitions and expansion to improve their product offerings and increase the production process. They undergo partnerships and collaborations with leading automotive manufacturers to address the demand and strengthen their presence across North America. The report highlights the numerous strategic initiatives, such as new business deals and collaborations, mergers & acquisitions, joint ventures, product launches, and technological upgradation, implemented by the leading market contenders to set a firm foot in the market. Hence, this section. They include the company profiles of the key players and industry analysis. The Insurtech industry across North America is offered by groups such as Lemonade, Gusto, Oscar Health, CareCloud, and Amwell.
North America Insurtech Market Leaders
Lemonade
Gusto
Oscar
CareCloud
America Well
*Disclaimer: Major Players sorted in no particular order
North America Insurtech Market News
- March 2023: Montreal-based Equisoft, an insurance and investment software developer, today announced that it raised $125 million in venture equity. It is a large amount made more significant by the fact that the investment climate for insurtech vendors is growing increasingly challenging.
- February 2023: LegalZoom and NEXT Insurance partner to create an embedded experience for small business insurance, a partnership to help better small business owners create and protect their business online.
North America Insurtech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insight on Global Regulatory Environment
4.5 Investment Trends Towards IT in Insurance Industry across North America
4.6 Investment Trends Within Insurtech Space (By technologies and line of businesses) in North America
4.7 Insights on Recent Trends Driving Innovation in the Insurtech Industry
4.7.1 Strategy Alignment
4.7.2 Increasing Private Fund Trends
4.7.3 Services and Solutions beyond Manual Insurance
4.7.4 Data-driven Innovation across the Value Chain
4.7.5 Enhancing Customers, Channel Partner and Employee Experience
4.8 Market Drivers
4.8.1 Customers Seeking for More Speedy Insurance Services
4.8.2 Increasing Usage of Technology
4.9 Market Restraints
4.10 Industry Attractiveness - Porter's Five Forces Analysis
4.10.1 Threat of New Entrants
4.10.2 Bargaining Power of Buyers
4.10.3 Bargaining Power of Suppliers
4.10.4 Threat of Substitutes
4.10.5 Intensity of Competitive Rivalry
4.11 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Line of Insurance
5.1.1 Property and Casualty Insurance
5.1.2 Health Insurance
5.1.3 Life Insurance
5.2 By Business Model
5.2.1 Enabler
5.2.2 Carrier
5.2.3 Distributor
5.3 By Country
5.3.1 USA
5.3.2 Canada
5.3.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Lemonade
6.2.2 Gusto
6.2.3 Oscar
6.2.4 CareCloud
6.2.5 America Well
6.2.6 Bright Health
6.2.7 Clover Health
6.2.8 Root Insurance
6.2.9 Next Insurance
6.2.10 GoHealth*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
North America Insurtech Industry Segmentation
The North America Insurtech Market is one of the fastest growing Insurtech Industries as businesses, and individual entities are more preferring digitized and safe products for their tech-driven data for their insurance and other financial activities. A complete background analysis of the North America Insurtech Market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles are covered in the report. The North America Insurtech Market is segmented By Line of Insurance (Property and Casualty Insurance, Health Insurance, Life Insurance, and Others ), By Business Model (Enabler, Carrier, and Distributor), and By Country (United States, Canada, and Rest of North America). The report offers Market size and forecasts for North America Insurtech Market in value (USD Million) for all the above segments.
| By Line of Insurance | |
| Property and Casualty Insurance | |
| Health Insurance | |
| Life Insurance |
| By Business Model | |
| Enabler | |
| Carrier | |
| Distributor |
| By Country | |
| USA | |
| Canada | |
| Rest of North America |
North America Insurtech Market Research FAQs
What is the current North America Insurtech Market size?
The North America Insurtech Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in North America Insurtech Market?
Lemonade, Gusto, Oscar, CareCloud and America Well are the major companies operating in the North America Insurtech Market.
What years does this North America Insurtech Market cover?
The report covers the North America Insurtech Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Insurtech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Insurtech Industry Report
Statistics for the 2024 North America Insurtech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Insurtech analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
